Ottawa, Feb 2 (Canadian-Media): Canada prime minister, Justin Trudeau was firm on the Trans Mountain pipeline expansion in the midst of feuds between Alberta and British Colunbia (B.C.) over new restrictions on shipments of bitumen that would flow through pipeline networks from Alberta to the West Coast, media reports said.
"We have a federal government to look out for the national interest above various disagreements within the provinces and we did exactly that on the Trans Mountain pipeline," Trudeau stated Thursday in an interview with CBC Radio's Edmonton AM.
"I'm not going to opine on disagreements between the provinces in this case," Trudeau, who was in Edmonton for a town hall meeting at MacEwan University, part of a series of meetings in Western Canada, was reported to state.
"We're just going to reiterate that the decision we made was in the national interest and we're going to move forward with that decision, which means we're going to get the Trans Mountain pipeline built."
Alberta Premier Rachel Notley had threatened to take legal action against new spill restrictions in B.C. which would further delay Kinder Morgan pipeline expansion.
Trudeau said the $7.4-billion project was approved by the federal government in 2016 and added, 'We can't continue to be trapped' .
"We know that getting our oil resources to new markets across the Pacific is absolutely essential...We need this pipeline and we're going to move forward with it responsibly like I committed to," Trudeau was reported to state.
Describing the proposal as an "unconstitutional attack" Notley vowed to fight the policy in court.
constitutionally Ottawa has jurisdiction over federal infrastructure projects like pipelines, but B.C. has a strong legal standing over environmental threats within its borders, Eric Adams, an associate professor in the faculty of law at the University of Alberta specializing in constitutional law was reported to state.
According to constitutional law, Trudeau could pull rank and make the project expansion happen through legal sanctions, said Adams, but it's more likely that the dispute will be resolved in the courts.
(Reporting by Asha Bajaj)
#Riyadh; #SaudioilsuppliestoCanada; #Khalidal-Falih; #Adelal-Jubeir
Riyadh/Ottawa. Aug 9 (Canadian-Media): Saudi oil supplies to Canada will not be impacted due to the diputer over human rights, said Khalid al-Falih, Saudi's energy minister on Thursday, media reports said.
The dispute had been a threat to Riyadh's campaign of foreign investment drive and initiatives by the top oil exporter.
But Saudi Arabia's reassurance that it has a "firm and long-standing policy" and that petroleum supplies are not influenced by political considerations, Khalid al-Falih, said in a statement.
"The current diplomatic crisis between Saudi Arabia and Canada will not, in any way, impact Saudi Aramco's relations with its customers in Canada."
Riyadh, capital of South Arabia -- infuriated by Canada's plea to immediately release the jailed activists -- had frozen new trade with Canada and ruled out mediation, had expelled the Canadian ambassador on Sunday, and blocked imports of Canadian grain.
Canada and Saudi Arabia's bilateral trade is worth more than $3.9 billion a year and Canadian exports to Saudi Arabia were about $1.46 billion in 2017, or 0.2 percent of the total value of Canadian exports.
Riyadh, In addition to the trade freeze, has stopped sending patients to Canadian hospitals and had suspended educational exchanges by moving Saudi Arabia's scholars to other countries.
Foreign Affairs Minister Adel al-Jubeir on Wednesday ruled out any mediation efforts and called on Ottawa to fix its big mistake, and added more measures would be taken by the kingdom against Canada for interfering in Saudi Arabia's domestic affairs, but he, however, did not give more details.
Meanwhile, Justin Trudeau, Prime Minister of Canada said he would keep pressing Saudi Arabia on civil liberties and added,
"Diplomatic talks continue ... we don't want to have poor relations with Saudi Arabia. It is a country that has great significance in the world, that is making progress in the area of human rights," Trudeau said.
(Reporting by Asha Bajaj)
#U.S.tarrifs; #DonaldTrump, #Canada, #ChrystiaFreeland, #NAFTA, #StrategicInnovationFund, #MarvinRyder,
Hamilton (ON), Jul 2 (IBNS): Canada said it was well prepared to counter United States (U.S.) imposition of tariffs of 25 percent on Canadian steel and 10 percent on aluminum, which came into effect on July 1, media reports said.
While confirming $16.6-billion worth of American goods will be hit with retaliatory tariffs on Canada Day, Canada pledged up to $2 billion for the steel and aluminum sectors in Canada.
In addition to steel and aluminum products, other items which could be affected included goods such as ketchup, orange juice, playing cards and pens.
Canada's Foreign Minister Chrystia Freeland was hopeful that Canada’s dollar-for-dollar response would not prompt further tariffs from the U.S.
“Canada’s approach is and will be this: we will not escalate and we will not back down,” Freeland told reporters, and added that the Canadian tariffs were permitted under World Trade Organization (WTO) rules.
But Trump told that if auto imports posed a national security threat, he could impose tariffs of up to 25 percent.
Freeland said Trump's move was not justified but, added Freeland, that Canada was prepared for all possible outcomes.
She also said that she was in frequent contact with U.S. officials.
“I’ve expressed our willingness to return anytime, anywhere to discuss this issue,” Freeland said.
Canada's pledge of $2-billion would reportedly be complemented by $1.7 billion in loans and services to help the aluminum and steel sectors, including small- and medium-size business affected by the U.S. tariffs.
Canada would also provide liquidity support to affected businesses in provinces and territories to increase jobs and training funds for workers.
A grant of $250 million to boost Canadian manufacturers and better integrate aluminum and steel supply chains would also be given by Strategic Innovation Fund.
Canada had also pledged another $50 million over five years to help companies take better advantage of the new free trade agreement with Europe and the Trans-Pacific Partnership.
With looming uncertainty of North American Free Trade Agreement (NAFTA) negotiations, Marvin Ryder, a business professor at McMaster University in Hamilton, said Ottawa “had to do something active to assist companies and workers caught in the crossfire of the trade dispute...This is something Canadian companies have needed to do for a long time.”
(Reporting by Asha Bajaj)
#Trumpadministration'ssteeltariffs; #JustinTrudeau; #U.Smarkets; #SeanDonnelly #Canada, #China, #EuropeanUnion; #CanadaBorderServicesAgency''sbudget; #Bloomberg
Ottawa, Jun 27 (Canadian-Media): In the wake of the Trump administration's steel tariffs, Canada is planning new tariffs and quotas on steel from China and certain other as-yet unknown countries In an attempt to prevent dumping of Chinese steel on the domestic market, media reports said.
Besides European Union (EU), Canada was concerned China could engage in selling steel without any buyer, below cost in Canada or elsewhere.
Canada reportedly has already taken steps -- including beefing up Canada Border Services Agency''s budget, adding 40 new officers to handle trade-related complaints --to protect Canadian steelmakers from the possibility of aggressive competition in the wake of a trade war.
"Canada is a trading nation, and we will not allow North American industries to be hurt or threatened by unfair trade practices, like the diversion of steel and aluminum," Prime Minister Justin Trudeau said in March.
There had been a rise in steel diversions to Canada in recent years, even before the Trump tariffs took hold, said Sean Donnelly, the CEO of AercelorMittal Dofasco, Canada's largest steel producer.
"Canada's response to past and future threats from unfairly traded and diverted offshore imports is critical," Donnelly said.
Citing "people familiar with the plans," Bloomberg said Canada is preparing quotas that would limit the amount of steel imported into the country, with tariffs charged on any imported steel beyond that quota.
The new tariffs and quotas could be announced as soon as next week, the report stated.
#ChrystiaFreeland, #DonaldTrump, #UStariffswar, #WTO, #NAFTA, #BobCorker, #RobertLighthizer
Ottawa, June 14 (Canadian-Media): Canada's Foreign Affairs Minister Chrystia Freeland was at Washington, D.C., United States (U.S.), yesterday to discuss about the recently imposed steel and aluminium tariffs on Canada by U.S. President Donald Trump, media reports said.
While in Washington, Freeland yesterday spoke of the frustration felt both by Canada and U.S. over newly imposed steel and aluminum tariffs by Trump.
During her acceptance of the award for Diplomat of the Year, presented by Foreign Policy magazine, in Washington, D.C.,U.S., Freeland said,
“The 232 tariffs introduced by the United States are illegal under WTO and NAFTA rules are...in violation of the very rules it helped to write."
"We see this most plainly in the U.S. administration's tariffs on Canadian steel and aluminum..."They are...in violation of the very rules it helped to write," said Freeland
World Trade Organization (WTO) is an intergovernmental organization that regulates international trade.
The North American Free Trade Agreement (NAFTA), reportedly is an agreement between Canada and U.S. with a goal to eliminate barriers to trade and investment between the U.S., Canada and Mexico.
“Canada has no choice but to retaliate...with our like-minded partners in the EU and Mexico...and they share our astonishment and our resolve" said Freeland and added Canada would retalliate with sorrow rather than anger.
Later Wednesday evening during a foreign policy speech, Freeland spoke about the international rules-based system that the U.S. led in creating after the Second World War.
Without mentioning Trump even once, Freeland in her speech said, "Facts matter. Truth matters. Competence and honesty, among elected leaders and in our public service, matter."
She won applause when she said "preserving Lincoln's vision" means fighting back against those who try to hijack democracy.
"The Section 232 action — which is, let me remind people, a national security consideration — is frankly absurd," Freeland said on Capitol Hill after the meeting.
Sen. Bob Corker, the committee's Republican chair said,
"I do think it's an abuse of presidential authority to use the 232 waiver, and I've tried to pass a piece of legislation on the floor to counter that," Corker said after the meeting with Freeland.
Freeland was assured by Corker of his efforts to gather support for legislation that would give U.S. Congress, not the president, the authority to impose tariffs under the national security clause of U.S. trade law.
Today, Freeland is expected to meet U.S. trade czar Robert Lighthizer in an effort to straighten out NAFTA renegotiation.
#JohnTory; #JustinTrudeau, #DougFord; #traderelations
Toronto, June 12 (Canadian-Media): Toronto Mayor John Tory pledged today, during his State of the City address at the Toronto Region Board of Trade's annual luncheon, to work with Canada's Prime Minister Justin Trudeau and Ontario Premier-Designate Doug Ford to protect trade relations between Canada and the United States (U.S.), media reports said.
In his speech Tory said, "When our largest trading partner is suddenly threatening to impose tariffs across the board, not only is that a threat to the economic vitality of our nation and our province, it is a threat to the economic vitality of this city, as well," said Mayor Tory.
"I want to state clearly today that I stand with our Prime Minister and our incoming premier, Mr. Ford, when it comes to all of the rhetoric and sabre rattling from President Trump."
"I will do whatever I can to help ease these tensions and get back to doing business the way we have so successfully done over the past 25 years – and before that – to the immense benefit of both countries."
Tory said he would be enlisting American companies with significant operations in Toronto to appeal to U.S. leaders to stop this ongoing trade dispute.
He would also reportedly speak with fellow mayors in major cities across the U.S. to stress the importance of trade towards jobs and economic growth in all our cities.
#CanadianresidentswithU.S.citizenshipfacehugetxbills# #DonaldTrump. #BillMorneau, #Trump'staxbillsignedintolaw
Washington/Ottawa, May 14 (Canadian-Media): Thousands of Canadian residents with United States (U.S.) citizenship across the country had been struggling with the impact of huge tax bills as a result of U.S. president Donald Trump's tax bill signed into law just before Christmas, media reports said.
"It's a huge problem for Canadian businesses and it needs to be addressed, so I'm sure it will probably come up in some of the meetings." Wayne Easter, Liberal MP and co-chair of the Canada-United States Interparliamentary Group, said
Particularly hard hit reportedly are those who have been using their corporations to save for retirement as the owner has to declare the money on their 2017 personal tax return.
While those affected can elect to spread the bill over eight years, they have until June 15 to file their tax returns and begin making payments.
Canadian Finance Minister Bill Morneau's office said finance department officials who speak regularly with their American counterparts could not confirm whether they have discussed the impact the tax reform is having in Canada and added,
"I think what's happened here is that a decision was made and there's a whole lot of collateral damage or unintended consequences. There will have to be more government-to-government discussions and we'll be able to, I think, broach the issue and tell members of Congress how problematic this is for Canadians or Americans who are in Canada who set up retirement plans with the best intentions based on the rules that were already in place."
Biil Morneau/Courtesy of Canadian Press
Conservative Senator Michael MacDonald, co-chair of the interparliamentary group, said,
"I'm no tax expert but I am familiar with some of the impact of the bill in terms of double taxation of people and there's a lot of money being drained back into the U.S. from Canadian corporations... In terms of us having a lot of impact in that area, I think the odds are relatively slim because that has been signed into law by the U.S. government, by the president."
#Canada-Caribbeaneconomicrelations, #Canada-Caribbeanclimateresilience, #JustinTrudeau, #Marie-ClaudeBibeau, #CARICOM, #G7ThemeofInvestinginGrowthThatWorksforEveryone, #CaribbeanCommunity’sCouncilforForeignandCommunityRelations, #TheBahamas’DeliveryUnit, #Canada’sFeministInternationalAssistancePolicy
Bahamas/Ottawa, May 9 (Canadian-Media): During a three-day visit to the Bahamas, Caribbean Islands was conluded by Marie-Claude Bibeau, Federal Minister of International Development and La Francophonie, May 9 where she attended the 21st meeting of the Caribbean Community’s (CARICOM’s) Council for Foreign and Community Relations, media reports said.
Bibeau had discussed, in the meeting, important issues like enhancing relations, and strengthening long-term economic and climate resilience in the region.
CARICOM, which was established in 1973, includes 15 members: Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname and Trinidad and Tobago and aims to foster regional economic relatons.
"Canada-Caribbean relationship and addressing key issues of regional importance, such as the impact of climate change, as well as enhanced trade and investment. That is why, as part of our 2018 G7 presidency, development and finance ministers as well as central bank governors will meet this month to discuss solutions that will support climate and economic resilience in this time of need," Bibeau said.
Over $2 million for humanitarian assistance had been provided by Canada in response to hurricanes Maria and Irma in the fall of 2017.
Later Canada had pledged $100 million over five years during UN-CARICOM conference in November 2017, on reconstruction and climate resilience in the Caribbean region.
Bibeau also had participated in a number of bilateral meetings with Caribbean partners and on behalf of Canada's Prime Minister Justin Trudeau, attended the launch of The Bahamas’ Delivery Unit, an initiative to improve accountability and achieve results to improve lives in the region.
Trudeau had announced, at the Summit of the Americas in Peru, in April 2018, an additional $25 million for two initiatives to promote climate-resilience efforts in the Caribbean.
In a meeting reportedly to be held from May 31 to June 2, 2018, in Whistler, British Columbia, Canada, G7 Theme of Investing in Growth That Works for Everyone would be discussed by development and finance ministers and central bank governors .
Bibeau repeated, throughout her visit, Canada’s commitment to support post-hurricane reconstruction and long-term climate and economic resilience in the region which would also be discussed by international forums, such as the G7 and the United Nations.
Promotion of gender equality and the empowerment of women and girls the key issues, highlighted Bibeau, were the main motive of Canada’s Feminist International Assistance Policy, which would strengthen economic growth without leaving anyone behind.
#BankofMontreal, #KGS-AlphaCapitalMarkets, #PatCronin, # BMOFinancialGroup, #mortgage-backedsecurities, #U.S.Treasuries; #KelseyGunderson;
Montreal/U.S., May 2 (Canadian-Media): With an aim to expand its U.S. capital markets business, the Bank of Montreal (BMO) acquiried KGS-Alpha Capital Markets, a New York-based fixed-income broker-dealer that specializes in U.S. mortgage and asset-backed securities. media reports said.
Bank of Montreal/Facebook page
"The acquisition of KGS is highly complementary to our strategy,” Pat Cronin, chief executive of BMO Nesbitt Burns, said in a statement. “The size and scope of the MBS bond market represents a tremendous opportunity to continue to diversify our platform, and grow revenues with key new initiatives.”
KGS-Alpha Capital Markets/Facebook
Founded in 2010, KGS-Alpha specializes in the structuring, trading and distribution of mortgage-backed securities and asset-backed securities.
Its inventory is 96 percent composed of Fannie Mae, Ginnie Mae and Freddie Mac mortgage-backed securities.
According to the report of the BMO Financial Group, the deal for an undisclosed amount expands its existing mortgage-backed securities (MBS) trading business.
For long, BMO had been focusing on Increasing its capital markets business south of the border and the acquisition of KGS promoted BMO's presence in the second-largest U.S. fixed-income securities market, after U.S. Treasuries.
The MBS bond market had US$9.3-trillion worth of outstanding debt as of the third quarter of 2017, and more than $200-billion traded daily, BMO said.
KGS, which employs 135 people, including 84 sales and trading staff, serves primarily institutional investors.
Its employees are concentrated in New York, but the company has seven other offices across the United States.